I’m writing to make sure that you are aware of recent research from the Cass Business School in London(1). As reported in the Financial Times(2), the Cass Business School report found that the protest movement against the Dakota Access pipeline cost the 17 main banks financing Energy Transfer Partners an estimated $8 – $20 billion in depositor activism.

This should be relevant to you. As the wildfires, hurricanes and droughts get worse protest against major new fossil fuel infrastructure projects is only going to grow. The next Standing Rock-style protest is coming. It’s only a matter of time.

There are two main projects in the United States right now that have the potential to blow up into a full blown stand-off between Water Protectors and fossil fuel corporations: Enbridge’s Line 3 and TransCanada’s Keystone XL.

Both of these pipelines represent the same perfect storm as the Dakota Access pipeline. Both pipelines gravely violate Indigenous Peoples’ sovereignty and treaty rights. Both pipelines are incompatible with preventing the very worst ravages of climate change.

Should either Line 3 or Keystone XL begin construction you can rest assured that they will be met with resistance on the scale of the Dakota Access pipeline. In both Minnesota and South Dakota, Indigenous-led resistance camps already stand in the way of the proposed pipelines. In the case of the Keystone XL pipeline over 17,000 people have already signed the Promise To Protect(3) ― that is to say over 17,000 people have already committed to travelling to South Dakota to stand in the way of any pipeline construction.

Is this really the kind of controversy that you want your bank to become embroiled in?

Because nothing’s surer: should Line 3 and Keystone XL blow up into national controversies like the Dakota Access pipeline, your bank will be fully embroiled with the controversy ― and will be held accountable. Chase will be the target of mass protests, and thousands of people will close their accounts in disgust at your involvement in these heinous projects. It is likely that, as was the case with the Dakota Access pipeline, the banks involved will lose billions on lost transaction fees.

Next week you have a decision on whether or not to renew a $1.48 billion loan to Enbridge Energy, the corporation attempting to steamroll Indigenous rights in order to build the Line 3 pipeline.

You would do well to walk away from this company while you still can. Your failure to do so could very well be something that your shareholders live to regret.